California · Water Code
WAT §9471: The bond fund of each assessment shall be held by the State Treasurer and shall be applied by him toward the payment of the bonds and coupons thereon based upon the assessment, as the bonds and coupon
What this law says, in plain English
The State Treasurer holds bond funds from assessments and uses them to pay bonds and coupons as they come due.
Read the full statutory text
The bond fund of each assessment shall be held by the State Treasurer and shall be applied by him toward the payment of the bonds and coupons thereon based upon the assessment, as the bonds and coupons fall due.
Verify at the official source: California legislative text
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